Shares of e-commerce marketplace Etsy (NASDAQ: ETSY) gained on Wednesday, after a Wall Street firm pointed out some promising trends behind the scenes. As of 10:10 a.m. ET, Etsy stock was up 6%. 

According to Bloomberg, Evercore ISI analyst Shweta Khajuria is seeing positive trends when it comes to downloads of the Etsy app. And the analyst believes this bodes well for engagement and sales during this important holiday quarter.

Ironically enough, Khajuria still has Etsy on Evercore's "tactical underperform" list. And her price target for Etsy stock is $115 per share, implying almost 14% downside from where shares traded as of this writing. While the analyst appears bullish on Etsy long-term, and current app download data looks promising, Khajuria believes this is a difficult economy and Etsy stock could underperform the market for that reason.

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Source Fool.com